Housing starts fall again in August but CMHC says don’t worry

Housing construction along Riverside Dr. in Windsor. (photo by Mike Vlasveld)

The Canada Mortgage and Housing Corporation said housing starts in Windsor continue to fall short of construction in 2017, but it sees cause for optimism.

While construction on single-detached homes fell 29 per cent from August 2017, there was a big increase in multi-unit construction. Work started on 65 multi-unit developments compared to 51 a year ago, a 27 per cent jump.

Together, single-detached and multi-unit starts were down eight per cent, an improvement from the double-digit drops of previous months. In July, total residential construction was down 32 per cent.

The CMHC suggested in its monthly report for August housing construction in Windsor is moving closer to levels “consistent with economic fundamentals” after a year of “extraordinary” activity.

New home construction is not just cooling off in Windsor.

“The national trend in housing starts continued to decline in August from the historical peak that was recorded in March 2018,” said CMHC Chief Economist Bob Dugan. “This moderation brings total starts closer to historical averages.”